The Report Gives a Clear Picture of the Current Market Scenario Which Includes Historical and Projected Market Size in Terms of Value and Volume, Technological Advancement, Macro Economical and Governing Factors in the Market by MRFR
Medical Robotics Market – Highlights
Integration of artificial intelligence (AI) and augmented reality (AR) into medical robotics technology has further enabled medical robotics to reach par excellence, making cost-effective healthcare available. Simultaneously, the emergence of AR &AI has been supporting medical robotics to streamline operating theatres, making the surgical procedures efficient without leaving scope for human error at the same time saving a whole lot of time of healthcare staff.
Additional factors predominantly propelling the growth of the Medical Robotics Industry include the augmenting demand for robotic surgeries and the prevalence of diseases & increasing cases of accidents. Furthermore, growing investments transpired into R&D activities are helping the market to create a significant revenue pocket in the global space, improving the technology further.
Moreover, the incorporation of artificial intelligence and augmented reality has paved the way for medical robotics to grow par excellence thereby making affordable healthcare possible. The top 6 medical robotic applications include telepresence, surgical assistants, rehabilitation robots, medical transportation robots and disinfection, and sanitation robots.
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Global Medical Robotics Market – Segmentations
The analysis has been segmented into three key dynamics for ease of understanding: -
By Product: Medical Surgical Robotic Systems (Neurosurgical Robotic Systems, Orthopaedic Robotic Systems, Laparoscopy Surgical Robotic Systems, and other), Various Accessories, Hospitals & Pharmacies (I.V. Robots, Pharmacy Robot, and others), and Rehabilitation Services (Orthotics Robots, Prosthetic Robots, Assistive Robots, Therapeutic Robots, and other) among others.
By Application: Neurology, Cardiology, Rehabilitation, Laparoscopy, and others.
By Regions: North America, Europe, Asia Pacific, and the Rest-of-the-World.
Key players operating in the global medical robotics market include Smith & Nephew Ltd. (UK), ReWalk Robotics (Israel), Stryker Corporation (US), Medtech SA (France), Hocoma AG (Switzerland), KUKA Roboter GmbH (Germany), Aethon Inc. (US), Intuitive Surgical, Inc. (US), Mazor Robotics Ltd. (Israel), Varian Medical System, Inc. (US), Intouch Health Technologies, Inc. (US), Titan Medical, Inc. (US), Medrobotics Corporation (US), Carefusion Inc.(US), Kinova (US), Ekso Bionics Holdings, Inc. (US), Hansen Medical, Inc. (US), Myomo Inc. (US), Transenterix, Inc. (US), Auroba Biomed Inc. (US), and ZOLL Medical Corp. (US) among others.
Medical Robotics Market – Competitive Analysis
Fiercely competitive, the medical robotics market appears to be highly fragmented with several well-established players alongside the new entrants are forming a competitive landscape. Optimizing situational awareness, these players focus on market trends to ensure their mission success. By incorporating strategic initiatives such as innovation, M&A, these players seek market expansion and invest increasingly in R&D to develop cost-effective product portfolio. As they are aware that these investments are going to help them to expand their market presence
Growing Additional Factors:
Additional factors predominantly propelling the growth of the market include the augmenting demand for robotic surgeries and the prevalence of diseases & increasing cases of accidents. Furthermore, growing investments transpired into R&D activities are helping the market to create a significant revenue pocket in the global space, improving the technology further.
On the other hand, factors such as the latency issues occurred due to the embryonic stage of this technology such as the time lapses between the instructions physicians give to direct the controls and machines’ response which results in robots getting programmed incorrectly, are impeding the growth of the market. Also, the intense training required before operating these robots (machines) which demands a significant amount of time, present challenges to the growth of the market, slowing down its uptake.
Moreover, the technology demands more advancement in terms of logistics for instance; once programmed, this robotics cannot change the course instantly, meaning, they offer no chance for the needed adjustments to take place during the surgery which is also a crucial factor. Nevertheless, advancements in technology which is expected in the nearing future will support the market to perceive mega accruals, ruling-out these issues.
The North American region, due to the vast technological advances dominates the global medical robotics market, holding over 40% of the market share. The augmenting demand for robot-assisted surgeries and futuristic healthcare infrastructure are some of the key factors driving the growth in the regional market. Additionally, high healthcare expenditures foster the growth of the market in the region.
The European medical robotics market accounts for the second-largest market, globally. Factors that are helping the regional market to boost further include favorable governmental support and initiatives. Furthermore, the proliferating healthcare sector led by the resurging economy is expected to help the market to grow extensively.
The Medical Robotics Market in the Asia Pacific region has emerged as a profitable market, globally. Substantial technological developments and the continually developing healthcare infrastructure that is led by the rapidly developing economy are some of the key driving forces boosting the growth of the regional market, allowing it to register a fabulous CAGR throughout the assessment period.
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